Wednesday, April 14, 2010

HBR, Don't Let Entrepreneurial Passion Blind You

Passion, commitment, and stamina are prerequisites to getting a venture off the ground, but without objective assessment your venture can fail. Here are three ways to make sure your entrepreneurial passion doesn't impair your judgment:Beware of praise. Praise is not the same as success. Use the praise you receive to market and get attention for your venture, but don't let it distract you from what you're working toward.Don't lie to yourself. Self-honesty is a highly underrated skill of entrepreneurs. Stop and ask yourself the tough questions: are these the best investors to have? Do I have the right talent on board?Know when to give up. The best entrepreneurs know when to press the restart button. Manage risk by failing fast, regrouping, and moving on.Today's Management Tip was adapted from "The Danger of Entrepreneurial Passion" by Daniel Isenberg.